Cryptocurrencies bring structure to economies going through stress, change, or turmoil. Consider the case of Venezuela, where citizens have been experiencing extreme hyperinflation, and the official currency has dropped in value. People are mining Bitcoin in order to pay for basic goods and expenses. Cryptocurrency has such an important role in stabilizing the economy that the government has created its own token. By law, banks are required to issue it.
Venezuela is an early signal of a global transitions yet-to-come. The reason? Token economics align with how people think and transact on a basic human level, explains José V. Fernández, President of Access in a talk that he gave at Technori Showcase in Chicago, in June 4, 2018.
“I realized after years of research that theory is not enough to bring about actual change.”
Having experienced the consequences of a financial crisis first-hand in his home country Spain, José has spent the last five years helping governments improve economic incentives for communities around the world.
His curiosity led him to Ghana, where millions of people have spent centuries operating without formal financial infrastructure. With a fresh perspective, without any agendas or plans, he studied how communities self-organize. It was this research that led him — and what would soon become the Access team — to the utility of blockchain, tokeneconomics, and cryptocurrencies.
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This work was a collaboration between the entire Access Network team, ranging from the CEO to CTO, COO, Chief of Staff, and other members of leadership. Emily Burchill, Shannon Wu, Ritika Puri, and Karissa Domondon created this story.
The opinions expressed are those of the authors and are no guarantee of the future performance of any Access Network fund or service. This information is for educational purposes only and is not intended as investment advice.
This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.